Providence Service (PRSC) to Sell Majority Stake in Matrix Medical Network
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Frazier Healthcare Partners is pleased to announce that it has closed on the acquisition of a majority share of Matrix Medical Network (“Matrix”) from Providence Service Corporation (Nasdaq: PRSC). Based in Scottsdale, AZ, Matrix is a leading provider of in-home, facility and community-based risk adjustment and care management services to health plans and risk-bearing providers. Frazier, along with co-investors acquired a 53% interest in the company with Providence retaining the remainder. The definitive agreement was initially announced on August 29, 2016.
Frazier will assist the current Matrix management team, led by Walt Cooper, Chief Executive Officer, through its next phase of growth as it expands into new payor markets and offers new products and services to existing clients. Brett Moraski, a long-tenured managed care executive and Frazier Operating Partner, will collaborate with Matrix and Frazier General Partners Ben Magnano and Brian Morfitt will be members of the Board of Directors.
“We are excited to help Matrix expand its core offerings into adjacent markets and provide innovative additional services to its customers' members,” said Ben Magnano, General Partner at Frazier. “This partnership is another successful example of Frazier's operating model whereby we work with experienced executives to identify and invest in growth areas within healthcare. We look forward to working with the Matrix team to continue driving the future growth of the business.”
“The support of Frazier will help us to execute our growth strategy and realize our full potential as a diversified healthcare services company,” said Walt Cooper, CEO of Matrix. “With our proven operational platform as a foundation, we are well positioned to expand the services we provide and the populations we support.”
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